Skip to main content

Full text of "Shipping Practice"

See other formats

I&2                               SHIPPING PRACTICE

ship, her cargo and freight: AND WHEREAS the
said                                                who is herein-

after called the said lender, proposed and agreed to
advance upon such security the same sum of

at a maritime premium of
per cent for the said voyage, and the said
being unable to procure such
advance in any quarter on more advantageous
terms, accepted the said proposal [with the inter-
vention and approval of the proper authorities at
], and agreed so far as he lawfully
could or might that the said security should have
priority over all other claims of the said ship,
freight, and goods, whether by himself or any other
person: AND WHEREAS the said lender has duly
advanced the said sum in pursuance of the said
agreement.   Now THE CONDITION of the above
obligation is such that if the said

do with the said ship and cargo duly
prosecute the said voyage without unnecessary
delay or deviation and do within                    days

after the arrival of the said ship or cargo at

and before

commencing to discharge or deliver her cargo there,
pay or cause to be paid to the said lender or to his
order or assigns the said sum of
together with maritime premium thereon at the
rate aforesaid, making in all the sum of

such  payment  to   be   made  at  the
exchange of

for every British pound sterling or if the said ship
with the said cargo shall duly prosecute her said
voyage without unnecessary delay or deviation,
and shall be by perils of the sea lost in the course of
such voyage, then his obligation shall be null and
void, and the said                                    shall be

released from all liability in respect of the said
sum of                                   PROVIDED ALWAYS,

and it is hereby agreed and declared that if the
said ship shall by perils of the sea as aforesaid be
lost or so much damaged as to be unable to com-
plete her said voyage, then if any part of the said
ship or cargo or of the said freight shall be saved
or earned, the above security, so far as regards
the property saved or freight earned shall remain
in force, and the said lender or his assigns shall be
at liberty forthwith to enforce the same against
such property and freight: PROVIDED ALSO, and
the said loan is made on the express condition, that
the said lender doth not accept or take upon himself
any risk or liability on the said voyage except such